Raising Money for Tire Dealers

With these business loans for tire dealers, the SBA guarantees the lender that the loan will be repaid. This tire dealers loan for $100,000 was given to an Arkansas entrepreneur in 2004.

This business received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with First State Bank, out of Russellville, Arkansas. The loan was granted and they received $100,000 to help grow their Russellville, Arkansas business.

SBA Loan Borrower

COMPANY TYPE: TIRE DEALERS
RUSSELLVILLE, AR 72801

SBA Loan Lender

FIRST STATE BANK
3103 E MAIN
RUSSELLVILLE, AR 72802

This was a Low Documentation SBA loan. The SBA started this program to limit the paperwork associated with borrowing money. The low-doc program requires completion of only a one-page form for a loan of $50,000 or less. The limits have changed over time. Currently, $100,000 is the maximum loan amount.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

441320 - Tire Dealers

Loan Approval Date

11/10/2004

Loan Approval Gross Amount

$100,000

Loan Approval from the SBA

Of the total $100,000 loan amount, the SBA guaranteed $85,000.

More Information on This SBA Loan

The borrower borrowed this money for a new business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the SBA funding recipient promised to use the money to add employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loans provide smart, affordable business financing for small businesses looking to expand.

Many small business owners never get a business loan because they never bother to apply for a business loan. If you take the initiative, you may get a loan, just like this company did when it applied for and received this $100,000 loan. Remember, if it to be, it is up to me!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Role of Business Plan When Raising Money

SBA Participating Banks in Russellville, Arkansas

SBA Arkansas Banks